Today in retail, Simon Property Group says it is betting on brick-and-mortar, and young consumers are driving growth in Valentine’s Day shopping this year. Plus, Guess investors want founders removed because of ongoing sexual misconduct allegations, and VF Corporation is buying raw materials earlier than normal amid ongoing supply chain issues.
Gen Z Demand, Huge Bouquet Bundles Will Offset Valentine’s Day Headwinds
Online florist UrbanStems CEO Seth Goldman told PYMNTS the nearly 50% increase in buying from Gen Z shoppers leading up to Valentine’s Day is “a bit of a surprise.”
That demographic hadn’t previously been a focus for the company, he said, but the opportunity to get new customers involved with updated versions of age-old traditions is a great opportunity.
Refreshed floral designs, an updated eCommerce experience and a commitment to sustainability are three ways businesses can appeal to Gen Z’s social sensibilities.
Simon Property Says Its Bet on Brick-and-Mortar Paying Off
Simon Property Group’s trailing results for the three months that ended Dec. 31 came in above analyst expectations, and the company’s outlook for 2022 and beyond is equally optimistic, although not without challenges.
Six months after acquiring apparel and footwear maker Reebok for $2.5 billion from Adidas, Simon is confident it will be able to drive growth where the previous owner couldn’t.
CEO David Simon told investors during the company’s quarterly earnings call that turning around the iconic maker of ’80s aerobic sneakers — something Adidas could never do — was going to take time and money.
Activists Call for Guess Founders to Step Down From Denim Retailer’s Board
Legion Partners Asset Management want fashion brand and retailer Guess’ board of directors to remove co-Founders and directors Paul Marciano and Maurice Marciano after “more than a decade [of] a pattern of appalling sexual assault and harassment allegations.”
Legion Partners managing directors Chris Kiper and Ted White outlined the history of allegations against the brothers in a letter, with the allegations of misconduct against Paul Marciano and a lack of action or response by Maurice, who “appeared to turn a blind eye” to his brother’s alleged actions.
VF Corporation Locking In Inventory Early with Supply Chain Snags Ongoing
VF Corporation, whose stable of brands include Dickies, Timberland, The North Face and Vans, has begun buying the raw materials for its apparel and footwear on an average of several weeks earlier than usual as supply chain snafus persist, The Wall Street Journal reported Tuesday (Feb. 8).
VF said during its most recent earnings call late last month that it expects to be dealing with logistics issues for most of 2022, if not the entire year. The company received products from about 265 factories in 36 countries run by independent contractors during fiscal 2021, which ended in April, the WSJ report says. That’s down from 300 factories in 40 countries the year before, according to the report.
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